(A) At the end of each year, the department head will conduct a physical inventory of all capital assets. The Clerk/Treasurer will provide a list of the current inventory on file and the department heads will compare the current inventory list to the actual inventory in their department. The department head must determine whether the assets exist. If the condition of an asset has deteriorated to the point its useful life has been impaired, that fact should be noted. Assets not on the current inventory list should be added with the following information:
(1) Description of asset;
(2) Category of asset;
(3) Year of asset;
(4) Purchase date/price; and
(5) Serial/model number.
(B) Department heads will be accountable for the capital asset inventory in their department. Any employee may be subject to discipline, up to and including termination, if any of their departments inventory should be missing, lost or stolen. If necessary, the town reserves the right to advise appropriate legal officials of illegal handling of the town’s inventory.
(Ord. 05-06, passed 5-10-05)